By applying high temperature superconductors (HTS) in generators, transformers and synchronous motors it is possible to improve their efficiency. Higher efficiency saves electrical energy and thus reduces greenhouse gas (GHG) emissions as well. The reduction of GHG emissions is becoming a topical issue due to the Kyoto Protocol which requires the European Union (EU) to reduce its emissions by 8% from the 1990 levels between 2008 and 2012. This environmental viewpoint can accelerate the commercialization of HTS applications if certain efficiency and sufficiently large power range are reached. In this paper, a detailed study about the replacement of existing devices by HTS ones is made in order to find the efficiency level and the power range where HTS becomes competitive. Finland is taken, as an example of an EU country, to present accurate figures of saved electricity. The structure of energy production and consumption was investigated and the emission data from different types of power plants were screened. The potential savings were allocated to the reduced usage of coal. Finally, an expanded view towards the possible emissions reduction gained by superconducting technology in the whole EU is presented. A market penetration model was introduced to investigate the time-scale in which conventional devices can be replaced with HTS devices.